“Lump” and “labor” are two words… From: Tom Walker Sent: October 27, 2021 3:49 PM To: scott.a.wolla@ Subject: Lump of labor fallacy Dear Scott, I just came across your article, “Examining the Lump of Labor Fallacy Using a Simple Economic Model,” from November of last year on the St. Louis Fed website. I have done quite […]
Via Bloomberg comes this note on demographics and the work force, and continues a conversation about how that impacts all of us. Probably not in the way most often provided in punditry…such as taking jobs away from the millenium generation, wealthy old geezers stereotypes, or alarms sounded about who is to pay for services we […]
Facts or Fallacies Part III: Combinations, Murder and the Primordial Lumpby Tom Walker (Sandwichman at Ecological Headstand) In Part I, I compared the statistical fact that non-farm employment was lower in September 2010 than it had been in December 1999 with the assertions that those who believed any such thing could occur were guilty of […]
Video of Robert Reich is here discussing unemployment and (updated) uses the lump of labor fallacy description: Transcript:>>and when we’re at a time when there’s so many people in their 50s who are unemployed and may not be able to get back into the job — the job market, I mean, it’s unlikely to happen, […]
by Tom Walker(Sandwichman at Ecological Headstand) Facts or Fallacies? Part II: In which Paul Krugman takes his lumps and eats them too while Jamie Galbraith runs afoul of the notorious lump-of-labor fallacy-fallacy In comments in response to Part I at Angry Bear, it was suggested that Paul Krugman has also made the lump of labor […]
Facts or Fallacies? Part I: BLS Data v. the Zombie Lump-of-Labor Fallacy-Fallacy by Tom Walker (Sandwichman at Ecological Headstand) In the third quarter of 2010 real GDP in the U.S. was 21 percent higher than it had been in the fourth quarter of 1999. Labor force participation grew during the same period by 9 percent, […]
Robert Waldmann Larry Summers, who is very very good at provoking debate, said “It may be desirable to have a given amount of work shared among more people. But that’s not as desirable as expanding the total amount of work.” Paul Krugman responds here True. But we are not, in fact, expanding the total amount […]